For those investing in an apartment complex, this type of real estate investment is generally a long-term project. This is just one of the challenges for apartment complex owners and perhaps the most frightening. Apartment complexes not only require maintenance and repairs, but upgrades to meet evolving building codes, energy efficiency demands, and the introduction of better security strategies and modern amenities.
Recognizing and observing current technology trends can aid property owners in selecting technologies to future-proof apartment complex investments.
Technology Trends Here to Stay
When planning for future-proofing real estate, several trends in particular emerge:
- Data
- Connectivity
- The need for energy efficiency
Data production has increased exponentially and will continue to do so. Data permits us to analyze numerous situations and make better, more informed choices. Connectivity renders daily life so much easier. IoT machines and devices are here to stay, and we can expect to see more appliances and devices produced with connectivity technology.
Installing smart technology in apartment complexes is not a solution as many smart devices will quickly become obsolete. Owners may see an immediate economic advantage while technology is new, but in the long term, smart devices will become outdated. Future-proofing the building infrastructure is a better long-term investment.
Future Proof Technologies for Apartment Complexes
Cutting-edge technology has gone from being considered “nice-to-have” to being essential in often saturated rental markets. With global efforts concentrated on implementing green technology and energy efficiency, apartment complex owners must offer potential tenants more options for quality living and sustainable costs for living solutions.
Fiber Internet Connectivity and IoT
If COVID taught us one thing, it was the importance of connectivity for people confined at home. As more products will feature internet connectivity, current systems will inevitably experience strain. Faster downloading and streaming will become the objective. Fiber internet connections offer high-speed connectivity that standard connections cannot achieve. This type of connectivity also offers a wider reach meaning that connectivity may cover an entire apartment or sections of a building. Connectivity should extend to the apartment building’s common areas.
Property Management Platform with a Private Network
Owners should consider using a separate private internet network for apartment complex technology. Do not mix building thermostats, leak and smoke detectors, and access control with tenants’ Wi-Fi. Complex owners need a reliable secure Wi-Fi network dedicated exclusively to the management and security of the property. Data collection of all aspects of the property also helps in making more efficiency-oriented decisions. Management software permits smoother communication among management and tenants as well as real-time alerts of defects that need immediate attention and intervention.
5G Technology
Currently a luxury for many, it’s probable that it will quickly become the golden standard in a few years. The longer owners wait to install 5G technology, the more installation will cost.
Electrical Vehicle Charging
Within a decade, cars are expected to be primarily electric. Buildings will be around for longer, so garages and parking spaces should be equipped with charging units.
Access Control and Security
Keys are gradually becoming a thing of the past. Access control systems using biometrics and digital credentials will facilitate contactless entry, keep a log of who enters and exits a building for security purposes and eliminate problems connected to lost keys, unauthorized visitors, and make it possible to grant or revoke access in real-time.
Security camera systems should also be installed. Consider choosing rugged and reliable hardware like class 1 div 2 cameras that are capable of withstanding harsh weather and extreme temperatures, as well as including license plate readers to manage vehicle access.
Smart Sensors
Smart sensors are truly the future. This technology can monitor levels of humidity and light, temperature, and motion. Sensors can adjust light brightness, shut off lights automatically, correct environmental temperature levels, activate heating, or air conditioning, and contribute to better energy efficiency.
Solar Energy Production and Collection
Installation of building solar panels will not only capture solar energy but the installation of batteries can be used for energy collection to use when the sun sets. This not only reduces the use of dirty electricity but aids in energy costs. Production is cleaner, greener, and cheaper and contributes to a smaller carbon footprint.
Building Jackets
Sealing buildings with jackets that pack a property with an added layer of insulation may require a substantial investment initially, but it will reduce the need for heating and cooling apartments and common areas regardless of the weather outdoors which will reduce overall energy costs.
Changing the Focus
Until now, technological improvements for apartment complex owners have focused on digital marketing and digital payment systems with the objective being to attract new tenants with smaller daily conveniences. Future-proofing real estate is no longer about small conveniences but about upgrading and modernizing building infrastructures with better Wi-Fi connectivity, faster internet, reducing a building’s carbon footprint, and increasing energy efficiency, all the while providing a secure and safe residential environment.
